Fiscal stimulus to help restore economy: Toyota

Toyota Kirloskar Motor (TKM) on Wednesday said the fiscal stimulus announced by the government would help in restoring the economy in an effective manner.

The automaker said the Rs 20 lakh crore financial package announced by the government would encourage industry to resume business operations.

"We hope, through this new stimulus and the likely reforms, the industry will be able to iron out bottlenecks pertaining to liquidity, supply chain, demand, labour related issues and restore the economy in an effective manner," TKM Senior Vice President, Sales and Services, Naveen Soni said in a statement.

Given the current situation, the company understands that it will have to operate alongside COVID-19 for a prolonged period, he added.

"However, through this initiative, the government has inspired us to strengthen our preparedness and confidence to resume business operations while safeguarding the health and safety of all stakeholders," Soni said.

The relief package would certainly support in helping the MSME sector, NBFCs, and also help in building demand in the lockdown 4.0 phase, he added.

Soni said that Toyota has been strongly supporting the government's 'Make in India' initiative and has introduced various initiatives over the years through localisation of parts and components, empowering local suppliers and promising quality at par with the global standards.

"We welcome the message for India to be self-reliant and the need to introduce strong reforms, which will further strengthen the Indian auto industry which is one of the key pillars of economic growth and has the distinction of having a globally competitive and very well developed supply chain with high level of localisation," he noted.